August 18, 2016 11:23 AM Eastern Daylight Time LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global flexible pipes market for the oil and gas industry is expected to post a CAGR of nearly 4% by 2020. Global flexible pipes market for the oil and gas industry is expected to post... Continue Reading →
Exxon, Chevron, Hess in Joint Bid for Mexican Oil
Exxon Mobil Corp., Chevron Corp. and Hess Corp. have agreed to bid together for rights to drill for crude in Mexico’s deepwater oil areas, according to a person with direct knowledge of the plans. The three U.S.-based producers have reached a Joint Operating Agreement, which allows the consortium to bid to produce oil in the 10... Continue Reading →
Pemex Woes Snowball as Cash Crunch Deepens Production Plunge
Petroleos Mexicanos’ deteriorating finances are poised to get much worse, signaling no end in sight to years of declining oil production. The company’s output may dwindle to about 1.6 million barrels a day by 2020, less than half its 2004 peak, because it lacks the technology and funds to revamp aging fields, Morgan Stanley analysts... Continue Reading →
The Gold Medal for Buying Up Brazilian Assets Goes to China Inc.
China may be lagging behind in the medal count during this year’sOlympic games in Rio de Janeiro, but it’s winning the competition for Brazilian assets. No country has done more acquisitions in Brazil this year than China, which grabbed the No. 1 ranking by deal value for the first time on record, according to data... Continue Reading →
Brazil seizes $655 mln in assets from Odebrecht, OAS, executives
Brazil's federal auditing court TCU ordered on Wednesday the seizure of about 2.1 billion reais ($655 million) worth of assets from engineering firms Odebrecht SA and OAS SA and some of their executives, to recoup losses from contracts related to the country's biggest ever corruption scandal. Brasilia-based TCU said in a ruling that the decision... Continue Reading →
BP to Halliburton in ‘Barroom Brawl’ as Drillers Slash Costs
Mad Dog, BP Plc’s drilling project deep in the Gulf of Mexico, could be Exhibit A in the oil industry’s war on cost. When the British oil giant announced the project’s second phase in 2011, it put the price at $20 billion. Last month, after simplifying plans and benefiting from a sharp drop in everything... Continue Reading →
Canada’s Brookfield to buy Odebrecht Ambiental
Canada's Brookfield Asset Management has signed a preliminary contract to buy Brazilian engineering conglomerate Grupo Odebrecht's 70 percent stake in water and sewage group Odebrecht Ambiental, an industry source told Reuters on Wednesday. The source said the deal was done at an equity value of 5.3 billion real ($1.65 billion), which implies an earnings before... Continue Reading →
Brazil justice authorizes probe on Rousseff, TV says
A Brazilian Federal Supreme Court justice has authorized the opening of an investigation into President Dilma Rousseff and her predecessor Luiz Inácio Lula da Silva for allegedly working to obstruct the course of a sweeping corruption probe, GloboNews news channel said on Tuesday. According to GloboNews, Justice Teori Zavascki's ruling has given Prosecutor General Rodrigo... Continue Reading →
Ecopetrol Misses Profit Estimate as Oil Fall Blunts Cost Cutting
Ecopetrol SA, Colombia’s state-controlled oil producer, reported profit that missed analysts’s estimates as slumping crude prices overshadowed efforts to lower costs. Net income fell to 787 billion Colombian pesos ($269 million) in the second quarter from 1.51 trillion pesos in the same period last year, the Bogota-based producer said Tuesday in a statement distributed by... Continue Reading →
Brazil’s Fiscal Plan Could Falter Without Pension Reform
Acting President Michel Temer’s prized fiscal austerity proposal to cap public spending will only succeed if he can convince Brazil’s Congress to pass a controversial pension reform as well, according to a leading member of his economic team. While Temer’s administration is confident it can win congressional approval this year of a constitutional amendment to limit federal spending,... Continue Reading →
